Matsa continues to expand the Lake Carey gold project following two agreements with Anova Metals Ltd

KEY TAKEAWAYS: 

• Matsa Resources Limited (ASX: MAT) is pleased to announce that it has entered into two agreements with Anova Metals Ltd.
• Matsa continues to expand the Lake Carey gold project by executing these two agreements.
• The tenements hold historical workings that produced 23,000 ounces of gold.

Matsa Resources Limited (ASX: MAT) is pleased to announce that it has entered into two agreements with Anova Metals Ltd (“Anova”, ASX: AWV).

The agreement enables Matsa to acquire Anova’s Devon Project and in a separate transaction, Anova’s nearby Zelica Gold project.

Matsa continues to expand the Lake Carey gold project by executing these two agreements.

The two newly acquired land packages both have existing gold targets and strongly complement the recently acquired Red October gold mine.

Exploration is predicted to commence immediately in conjunction with surrounding tenements where recent aeromagnetic surveys and aircore drilling have been completed.

The Devon tenements are located south of Red October and are contiguous to Matsa’s Red October tenements.

The tenements hold historical workings that produced 23,000 ounces of gold from an average grade of 50 g/t over outcropping and near surface quartz veins.

Matsa and Anova entered have entered into a Placement and Option Deed whereby:

• Matsa will take a placement in Anova via the issue of 10 million fully paid ordinary shares in
  Anova at an issue price of 2.25 cents per share;
• Matsa has been granted an option to acquire the Devon tenements for $200,000 at any time
  within the next 18 months;
•  Anova retains a 1% net smelter royalty (NSR) over any gold produced from the Devon
  tenements.

 

About Matsa Resources Limited (ASX: MAT)

Matsa is an ASX listed explorer/developer who has become a gold producer following the acquisition and development of the Fortitude gold mine. Fortitude forms part of the Lake Carey gold project south of Laverton. Matsa has a pipeline of quality projects within Australia and central Thailand. Matsa has recently acquired the Red October Gold mine near Lake Carey which boosts the mining potential within the area.

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